Commercial vehicles are those types of vehicles which are used for commercial purposes such as public transportation, hotel use, airport use etc. Whenever a commercial vehicle owner decides to sell the vehicle to a person or party for commercial use, then the contract that is made between them is known as a commercial vehicle purchase contract. A commercial vehicle purchase contract is a formal and legally binding contract which is made between the BUYER and the SELLER to seal the terms of the purchase. The following is some more information about a commercial vehicle purchase contract:
- A commercial vehicle purchase contract gives the details of the parties involved and also mentions the date on which the purchase is made.
- The contract also specifies the cost at which the commercial vehicle is purchased by the vehicle owner.
- A commercial vehicle purchase contract should also provide details of the conditions under which the purchase is made.
- By the means of the terms and conditions, the contract must transfer rights of the vehicle to the buyer and must also state that the vehicle is to be used only for commercial purposes.
- Other terms and conditions agreed between the parties are also mentioned in the contract.
Sample Commercial Vehicle Purchase Contract: